As urbanization accelerates and intelligent transportation systems become more prevalent, license plate recognition technology, as a core component of intelligent transportation systems, holds significant importance in improving traffic management and safety. However, traditional methods for license plate recognition suffer from low accuracy and long detection times. To address these challenges, this paper proposes a fast license plate recognition algorithm for smart transportation that improves upon the YOLOv5 algorithm to enhance both accuracy and efficiency. Experimental results demonstrate that this improved algorithm outperforms traditional algorithms and can provide valuable insights for promoting the development and application of intelligent transportation systems.